ECONOMY

(*) TELECOM ITALIA

The Italian phone group sacked Chief Executive Amos Genish while he was away on business in Asia on Tuesday, ousting a man viewed by some directors as an obstacle to their campaign for a more aggressive shake-up at the company.

Genish told La Stampa in an interview on Wednesday that he “had been caught in the crossfire between (TIM’s shareholders) Vivendi and Elliott” adding he was worried about Elliott’s plan to break up the company.

(*) BANCA CARIGE

Shares in the Italian bank closed down 48.65 percent on Tuesday, after the ailing lender announced a 400 million euro cash call as part of a two-step rescue financed by the country’s banking industry.

Italian market watchdog Consob said on Wednesday it was imposing a full short-selling ban on Carige shares for the session.

(*) INTESA SANPAOLO

The bank is expected to approve a 70.5 million euro contribution to Carige’s rescue at a board meeting on Nov. 20 in Turin, Il Messaggero reported.

(*) UNICREDIT

The bank is expected to call an extraordinary board meeting next week to approve a 69 million euro contribution to Carige’s rescue, Il Messaggero reported.

(*) UBI BANCA

CEO Victor Massiah was quoted in the Italian press as saying the bank would “do its part” in Carige’s rescue. Il Messaggero said UBI’s contribution would amount to 17.5 million euros.

BANCO POPOLARE

Italy’s fourth-largest bank has cold feet about its 25.5 million euro contribution to Carige’s rescue deal, an issue which the board is due to discuss on Nov. 29 when it meets over the up to 8.6 billion euro bad loan sale, Il Messaggero reported.